SANTA CLARITA, Calif.--(BUSINESS WIRE)--BioSolar, Inc. (OTC: BSRC), developer of breakthrough products and materials that reduce the cost of photovoltaic (PV) solar modules, today announced that it expects to benefit from the surge in demand for solar energy.
A report recently released by the Institute for Local Self-Reliance, forecasts that within a decade, more than 35 million buildings may be generating their own solar electricity (without subsidies) at prices lower than their utility offers, sufficient to power almost 10% of the country.
Dr. David Lee, the company’s CEO, commented, “The solar industry has been through a very tough year; however, the future is very bright for the survivors. We expect to see a very powerful surge in demand for solar energy. In addition to demand for distributed systems for individual buildings, we are seeing tremendous growth with public utilities. Big investors, such as Warren Buffet are now entering the market.”
MidAmerican Energy Holdings Company (backed by Warren Buffett's Berkshire Hathaway Inc.) is buying two co-located solar projects in California, billed as the world's largest permitted solar PV power development. The transaction for Antelope Valley Solar Projects, totaling approximately 579 megawatts of combined generation capacity, is for an unspecified amount between $2 and $2.5 billion.
“The energy market is by far the largest market in the world and solar is the fastest growing segment of the energy market,” continued Dr. Lee. “Solar is expected to grow by 15% annually, which should make solar panels at least 25 times more ubiquitous by 2040. The demand for electricity is nearly insatiable. The U.S. is by far the world's greatest user of energy per capita in the world. Each American uses about 87,000 kilowatt-hours per year – that is twice as much as the European Union, the next closest consumer. Also, we expect to see increased demand for electricity from China and India and these will be very strong markets for solar.”
Dr. Lee concluded, “BioSolar is very well positioned to benefit from this surge in demand for solar. Our patent pending BioBacksheet is the world’s first UL certified solar panel backsheet made from renewable materials and features two distinct benefits that are unmatched by existing backsheets. First, BioBacksheet’s high thermal conductivity rapidly draws heat away from the solar cells, which can increase the power output of the entire solar panel. Second, BioBacksheet’s USDA BioPreferred Certification allows solar panels to be marketed as more sustainable and socially responsible, and preferred by U.S. government agencies.”
About BioSolar, Inc.
BioSolar, Inc. develops breakthrough products and materials that reduce the cost of photovoltaic (PV) solar modules. Most of the solar industry is focused on photovoltaic efficiency to reduce cost. BioSolar is the first company to introduce a new dimension of cost reduction by replacing petroleum-based plastic solar cell components with durable bio-based materials. BioBacksheet, the company’s first backsheet product, is currently available to solar manufacturers. BioSolar is now developing EcoBacksheet, its second backsheet product that will further reduce the cost of solar energy. To learn more about BioSolar, please visit our website at http://www.biosolar.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, and distributor performance, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently; and other factors detailed in reports filed by the Company.